Project description
and objectives:
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Mortgage Credit Line in an amount of USD 20 million. The EBRD loan will be used to provide long-term financing to individuals for purchasing, constructing, renovating, repairing and/or re-mortgaging their real estate in Georgia, a market where mortgage lending is still underdeveloped.
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Transition impact:
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B) The Mortgage Loan will increase long-term funds available to a local bank, allowing access to mortgages for a larger number of people and increased competition in the market. The mortgage facility will continue supporting Bank Republic in implementing best international practice in its mortgage operations and developing standardised mortgage products.
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The client:
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Bank Republic is a subsidiary of Societe Generale, one of the leading financial services companies in Europe. It is a universal commercial bank, ranking fourth in Georgia by total assets (USD 316 million as of 31 December 2007).
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EBRD finance:
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Mortgage Credit Line of USD 20 million.
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Total project cost:
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USD 65 million.
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Environmental impact:
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Screened FI. Bank Republic has recently developed and adopted its own Risk Management Procedure, which also covers management of environmental risks. After the inclusion in EBRD’s partner banks list the bank undertook implementation of EBRD’s Environmental Procedures, including compliance with the FI Environmental Exclusion and Referral Lists. In January 2006 and February 2008 Bank Republic staff participated in the Environmental and Social Risk Management training programme organised by the Bank’s Environment and Sustainability Department. Bank Republic complies with all national health, safety and environmental standards as well as with national employment laws and standards. Bank Republic will also comply with relevant Environmental Procedures within respective EBRD transactions and submit an Annual Environmental Report to EBRD.
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Technical
cooperation:
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The Energy Efficiency credit line will be complemented by grant funding to engage consultants in order to prepare energy audits, review investment proposals, support companies in securing funding from BR and provide implementation support. The budget for the framework assignment is USD 2,398,000 funded by ETC, UK- DFID SEI Fund and CIDE-EBRD 2006/09 Fund.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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Giorgi Kerkadze, IFI Relationship Manager
Bank Republic
2 Gr. Abashidze St,
0179 Tbilisi, Georgia
Telephone: +995 32 925555
E-mail: Giorgi.Kerkadze@republic.ge
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EBRD contact:
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Natalie Mouravidze, Operation Leader: mouravin@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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